The Securities Industry Association (SIA)* provides comments to the Municipal Securities Rulemaking Board (MSRB) on their draft interpretation on customer protection obligations relating to the marketing of 529 college savings plans (529 plans), MSRB Notice 2005-28.

SIA believes that if the MSRB draft interpretation was approved in its current form, it would undermine the ability of broker-dealers to market 529 plans to investors.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.